Copy of Apple Sues OpenAI Over Trade Secrets; Chinese-Backed Firm Enters Nigerian Cement Market; Pheobe Gates’ AI Startup Faces Accusations Of Falsifying Sales Claims; & Monzo Founder Joins Anthropic

Global markets are sending mixed signals as investors reward reform-driven economies while reassessing the AI trade. Nigeria has overtaken South Korea to become the world's best-performing stock market and is now under review for a potential frontier market classification by S&P, even as Nvidia has shed more than $1 trillion in value amid a broader AI stock correction. Meanwhile, Meta is pressing ahead with its AI ambitions by giving developers early access to its latest model, underscoring that competition for AI leadership remains as intense as ever. All this and more in today's Read It And Eat!

Markets as of  9th of July 2026.. Cells in RED mean that the value is down, cells in Green mean the value is up.

MAJOR HEADLINES

• Nigeria Overtakes South Korea As World's Best-Performing Stock Market

Nigeria has overtaken South Korea to become the world's best-performing stock market, according to Bloomberg, validating a trend that Read It And Eat has consistently highlighted in recent months through its increased focus on Nigeria's business landscape and stock market. We have repeatedly covered the Nigerian market's outsized returns and remarkable rally both in our newsletter and across our TikTok platform, as banking recapitalization, FX reforms, and strong corporate earnings drove one of the world's strongest equity performances. The latest global ranking reinforces the momentum that has been building across the Nigerian Exchange.

The rally has been fueled by sustained gains across banking, industrial, consumer goods, and energy stocks, with investors responding positively to economic reforms, improved foreign exchange liquidity, and stronger corporate profitability. Banking recapitalization efforts have also attracted renewed investor interest, while easing concerns over currency stability have supported broader market confidence and increased participation from both domestic and foreign investors.

Analysts say Nigeria's emergence as the world's top-performing equity market reflects a combination of improving macroeconomic fundamentals and growing investor confidence in the country's reform agenda. The performance has positioned the Nigerian Exchange among the world's standout markets, though sustaining the rally will depend on continued policy reforms, improved market liquidity, and the ability of listed companies to maintain strong earnings growth. Bloomberg

• Nvidia’s $1 Trillion Slide Sends Valuation to Pre-AI Boom Levels 

Nvidia has lost more than $1 trillion in market value, with its valuation falling from a peak of roughly $5.3 trillion to about $4.3 trillion, erasing much of the gains made during the artificial intelligence investment boom, according to bloomberg. The sharp decline follows months of heavy selling in AI-related stocks as investors reassess lofty valuations, rising capital expenditure, and the pace at which AI companies can translate massive infrastructure spending into sustainable profits. Despite the sell-off, Nvidia remains one of the world's most valuable semiconductor companies and the dominant supplier of AI accelerators. 

The decline reflects a broader rotation away from high-growth technology stocks as investors become more selective about companies benefiting from the AI boom. Concerns over slowing revenue growth, increasing competition from rivals such as AMD and custom chip developers, and enormous spending commitments by hyperscalers have prompted investors to lock in gains after Nvidia's historic rally over the past two years.

Analysts say S&P's decision comes alongside FTSE Russell's recent decision to pause Nigeria's planned reclassification to Frontier Market status while it completes its review of the country's transition to a T+1 settlement cycle. They believe S&P Dow Jones' decision to place Nigeria on its watchlist reinforces confidence in the country's capital market reforms and could strengthen the case for FTSE Russell to proceed with its planned reclassification once that review is concluded.

Bloomberg

S&P Places Nigeria On Watchlist For Frontier Market Reclassification

S&P Dow Jones Indices has placed Nigeria on a watchlist for possible reclassification within its global equity index framework, according to Nairametrics. The review follows recent reforms to Nigeria's foreign exchange market and improvements in capital market accessibility, with S&P assessing whether the country now meets the criteria required for frontier market classification. The decision comes as international index providers continue evaluating the effectiveness of Nigeria's market reforms.

The watchlist status reflects growing confidence in the country's efforts to improve foreign investor access through exchange rate liberalization, better FX liquidity, and ongoing capital market reforms. A successful reclassification could increase Nigeria's visibility among international investors and potentially attract fresh portfolio inflows from global funds that track frontier market indices.

Analysts say inclusion in a frontier market index would represent an important milestone for Nigeria's capital markets, although maintaining the classification will depend on the continued implementation of reforms and sustained improvements in market accessibility. They note that stronger foreign participation could deepen market liquidity and support long-term capital formation if investor confidence continues to improve. Nairametrics

• Meta Unveils Muse Spark 1.1 AI Model, Opens Preview To Developers

Meta has released Muse Spark 1.1, its latest artificial intelligence model, while opening an early preview to developers as the company accelerates its AI product rollout, according to Reuters. The model is designed to support multimodal AI applications with improved reasoning, content generation, and developer customization, forming part of Meta's broader strategy to strengthen its open AI ecosystem following the company's recent overhaul of its artificial intelligence division.

The launch builds on Meta's continued investment in frontier AI models as it competes with OpenAI, Google, Anthropic, and xAI. By giving developers early access to Muse Spark 1.1, Meta hopes to encourage experimentation and faster adoption across consumer and enterprise applications while gathering feedback before a wider commercial release.

Analysts say the release highlights Meta's commitment to open AI development as competition among leading technology companies intensifies. With AI increasingly becoming a platform business, success will depend not only on model performance but also on attracting developers to build applications, tools, and services around the company's growing AI ecosystem. Reuters

Minor Headlines

• The gold bull market has ended Bloomberg

• BlackRock will launch a Nasdaq-100 ETF Reuters

•  Walmart lowered prices on thousands of item  Yahoo.Finance

• Meta to build a $10 billion data center, its first in Canada Reuters

• Bank of America gives OpenAI a $500 million line of credit Reuters

• Goldman Sachs banned employees from trading on prediction markets  Bloomberg

•  Ikate two-bedroom apartment prices hit ₦205 million Nairametrics

• SpaceX and AI startup wealth fuels demand for private jets Reuters